Hydroxychloroquine Global Market Report 2024

The hydroxychloroquine market size has grown strongly in recent years. It will grow from $2.07 billion in 2023 to $2.22 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth observed in the historical period can be attributed to several factors, including the increasing prevalence of malaria in certain regions, heightened awareness and utilization of hydroxychloroquine for malaria treatment and prevention, its wide availability in healthcare settings, and its application in managing autoimmune diseases. These elements collectively contributed to the increased usage and prominence of hydroxychloroquine during that time.

The hydroxychloroquine market size is expected to see strongly grown in the next few years. It will grow to $2.86 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. Anticipated growth in the forecast period is expected to stem from various factors, including the escalating demand for combination therapies, augmented government funding initiatives, a rising patient population requiring such treatments, improved access to healthcare services, and an increasing demand for personalized medicine tailored to individual needs.

The surge in COVID-19 cases has notably bolstered the demand for the hydroxychloroquine market. Its increasing usage in COVID-19 treatment and ongoing clinical trials has driven this demand. Authorization from the US FDA for emergency use in hospitalized COVID-19 patients and those enrolled in trials has further stimulated this demand. Global COVID-19 figures, as per the WHO Dashboard on September 21, 2023, indicate over 770 million confirmed cases and nearly 7 million deaths. Countries like the USA, Brazil, Russia, UK, India, and Spain have experienced the most significant impact. Consequently, the persistent rise in global COVID-19 cases is fueling demand for hydroxychloroquine, leading to heightened revenues in this market segment.

The projected escalation of rheumatoid arthritis cases is anticipated to drive growth in the hydroxychloroquine market. Rheumatoid arthritis, an autoimmune condition causing inflammation in affected body areas, benefits from hydroxychloroquine due to its anti-inflammatory properties. With approximately 54.4 million adults diagnosed with arthritis in the US, expected to reach 78 million by 2040 according to CDC projections in June 2023, the increased prevalence of rheumatoid arthritis is poised to propel the hydroxychloroquine market forward. Noteworthy investments by key market players are aimed at expanding hydroxychloroquine production to meet rising demand and broaden product offerings. Aspen Pharmaceutical Corporation, in March 2021, received substantial funding of $20 billion from BNDES to bolster its hydroxychloroquine manufacturing in Brazil, part of a larger $153 million investment. This initiative, prompted by increased COVID-19-related demand, was lauded by the Brazilian government for ensuring an ample drug supply to meet population needs.

Strategic endeavors by major market entities involve expanding production capacities to address the amplified global demand for hydroxychloroquine. Ipca Laboratories Limited, in May 2021, reported hydroxychloroquine formulation sales of $4.44 million in the domestic market for a quarter. Projections for 2022 indicated an approximate $36.03 million capex for hydroxychloroquine formulation and associated projects, highlighting a significant push towards enhancing production capacities, especially at sites like Ratlam and others. This trend underscores the substantial efforts of key players shaping the hydroxychloroquine market landscape.in July 2021, Sanofi S.A, a France-based pharmaceutical and healthcare company and Asahi Kasei Pharma Corporation, a Japan-based specialty pharmaceutical firm have executed a marketing license agreement to transfer sales rights in Japan for Plaquenil tablets 200 mg, an immunomodulator. The agreement is aimed at expanding the availability of Plaquenil in Japan and improving patient access to the drug. Plaquenil is used to treat autoimmune diseases such as rheumatoid arthritis and lupus, and it has also been used in the treatment of COVID-19.

Major companies operating in the hydroxychloroquine market include Bayer AG, Dr. Reddy's Laboratories Ltd., Zydus Group, Ipca Laboratories Ltd., Wallace Pharma, Teva Pharmaceuticals Inc., Mylan Pharmaceuticals Inc., Novartis AG, Intas Pharmaceuticals Ltd., Lupin Limited, Shanghai Zhongxi Sanwei Pharmaceutical Co. Ltd., Torrent Pharmaceuticals Ltd., BSE healthcare, Hikma Pharmaceuticals PLC, Sandoz International GmbH, Cipla Limited, Shenhua Pharmaceutical Co. Ltd., Sanofi S.A., Macleod Pharmaceuticals Ltd., McW Healthcare, Laurus Labs, TAJ Pharmaceuticals, Wuhan Wuyao Pharmaceutical Co. Ltd., MAAN Medex, Cinkate Corporation, Concordia Healthcare, Pfizer Inc., Cadila Pharmaceuticals, Hetero Drugs Ltd., Jubilant Generics Limited, Alembic Pharmaceuticals Limited, Sun Pharmaceutical Industries Ltd., Aurobindo Pharma USA Inc., Alkem Laboratories Ltd., Glenmark Pharmaceuticals Ltd., Unichem Laboratories Ltd., Wockhardt Limited, Emcure Pharmaceuticals Ltd., Strides Pharma Science Ltd., Indoco Remedies Ltd.

North America was the largest region in the hydroxychloroquine market in 2023. Middle East is expected to be the fastest-growing region in the hydroxychloroquine market report. The regions covered in the hydroxychloroquine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The countries covered in the hydroxychloroquine market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada. The hydroxychloroquine market consists of sales of plaquenil, antimalarials, and immunosuppressants. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The key therapeutic activities associated with hydroxychloroquine include its use as an anti-malarial, anti-rheumatic, lupus suppressant, and potentially as an anti-COVID-19 agent. Antimalarial drugs, commonly known as 'antimalarials,' are chemical agents that combat parasites causing malaria. These drugs are often derived from natural sources. Hydroxychloroquine is available in various formulations such as tablets and injections, utilized in treating malaria, rheumatoid arthritis, lupus erythematosus, COVID-19, and other conditions. Its distribution spans across multiple channels including hospital pharmacies, online pharmacies, specialty drug stores, and retail pharmacies.

The hydroxychloroquine market research report is one of a series of new reports provides hydroxychloroquine market statistics, including hydroxychloroquine industry global market size, regional shares, competitors with a hydroxychloroquine market share, detailed hydroxychloroquine market segments, market trends and opportunities, and any further data you may need to thrive in the hydroxychloroquine industry. This hydroxychloroquine market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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